TRAINERS’ HOUSE GROUP’S ADJUSTED FINANCIAL STATEMENTS

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TRAINERS’ HOUSE GROUP’S ADJUSTED FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY – 31 DECEMBER 2014

Espoo, 2015-03-03 16:15 CET (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC, ADJUSTED FINANCIAL STATEMENTS BULLETIN, 3 MARCH 2015 AT 17:15    Trainers House Plc published its financial statements bulletin on 12 February 2015. Since the publication of the financial statements bulletin, the company has reassessed the interest rate applied in the testing of balance sheet values on the basis of the company's current situation, the initiated corporate restructuring process and other development. On the basis of this assessment, the company has decided to record a goodwill write-down, which has been included in this adjusted financial statements bulletin and in the financial statements to be published on 4 March 2015. Key differences to the financial statements bulletin published on 12 February 2015: Groups goodwill and other intangible assets as recognised in the balance sheet were re-tested for impairment. Based on the results of this impairment testing, the goodwill values were EUR 2.4 million lower than the book value, resulting in a goodwill write-down. An amount of EUR 0.3 million of the write-down is allocated to goodwill and EUR 2.1 million to trademarks. These write-downs do not have an effect on cash flow. The write-down and the change in deferred tax liabilities of EUR 0.4 million allocated to the trademark write-down have been entered through profit or loss. The operating result from continuing operations after these items was EUR -6.1 million (EUR -3.8 million before the write-down). The Group's operating result after the write-down is EUR -5.7 million (EUR -3.8 million before the write-down). Balance sheet total decreased to EUR 12.8 million from EUR 15.1 million. The Groups equity-to-assets ratio after the write-down is 16.5% (26.8% before the write-down) and gearing 263.1% (136.5% before the write-down). After the write-down, the Group balance sheet has EUR 1.7 million of goodwill. The balance sheet value of trademarks is EUR 7.6 million. As a result of the write-down, the parent company's equity is negative. As stipulated in the Limited Liability Companies Act, the Board of Directors will make a register notification on the loss of share capital. Parent company's equity and any related measures will be reviewed in accordance with the Companies Act at the Annual General Meeting on 25 March 2015, as well as in the course of the corporate restructuring process. ADJUSTED FINANCIAL STATEMENTS BULLETIN January December 2014 in brief (the figures are for the companys ongoing operations)

  • Net sales amounted to EUR 8.0 million (EUR 10.1 million).
  • Operating profit (EBIT) before non-recurring items was EUR -1.0 million (EUR 0.5 million), or -12.8% of net sales (4.9%).
  • Based on the results of impairment testing, the goodwill values were lower than the book value in March, September and December 2014, resulting in a goodwill write-off in a total amount of EUR 5.1 million (EUR 4.5 million in June 2013).
  • Operating profit was EUR -6.1 million, or -76.5% of net sales (EUR -4.1 million, -41.0%).
  • Cash flow from operating activities was EUR -0.3 million (EUR 1.5 million).
  • Earnings per share were EUR -0.09 (EUR -0.07).

October December 2014 in brief (the figures are for the companys ongoing operations)

  • Net sales amounted to EUR 2.2 million (EUR 2.8 million).
  • Operating profit (EBIT) before non-recurring items was EUR -0.3 million (EUR 0.4 million), or -12.1% of net sales (15.4%).
  • Based on the results of impairment testing, the goodwill values were lower than the book value in December 2014, resulting in a goodwill write-off in a total amount of EUR 2.4 million.
  • Operating profit was EUR -2.7 million (EUR 0.4 million), or -123.4% of net sales (15.4%).
  • Cash flow from operating activities was EUR 0.3 million (EUR 0.6 million).
  • Earnings per share were EUR -0.03 (EUR 0.01).

Key figures at the end of 2014

  • Liquid assets totalled EUR 1.6 million (EUR 2.6 million).
  • Interest-bearing liabilities amounted to EUR 7.1 million (EUR 8.6 million), and interest-bearing net debt totalled EUR 5.5 million (EUR 5.9 million).
  • Net gearing was 263.1% (87.4%).
  • The equity ratio was 16.5% (35.4%).

OUTLOOK FOR 2015 The company filed an application for corporate restructuring on 12 December 2014. By Espoo District Courts decision, the companys corporate restructuring commenced on 28 January 2015. The company estimates that net sales will be lower than in 2014 as a result of cost saving measures and the effects of corporate restructuring. Moreover, the general economic situation is expected to remain difficult, at least in the short term. Key factors affecting the continuation of the companys business operations and its financial performance are the success of the companys corporate restructuring proceedings and the measures that may be decided upon as part of the restructuring process. The content or success of these measures is not currently known. For this reason, the company will not issue a more detailed profit estimate. REPORT OF ARTO HEIMONEN, CEO Trainers House Plc applied for corporate restructuring in December 2014. At the moment, the companys corporate restructuring proceedings are in the process phase, the purpose of which is to prepare and confirm the restructuring programme. In the companys day-to-day operations, customer work continues as usual. Since filing the application for corporate restructuring, the reactions of customers and personnel have been encouraging. The aim is that the restructuring programme will enable the companys financial obligations to decrease in such a way that they correspond to the current scope of the companys business operations and its capacity in such a way that the companys finances and cash flow can quickly recover. This means significant cuts in the companys operational expenses. The corporate restructuring process will reduce operational expenses to a level that enables the company to have continuously profitable business operations. The company started searching for entrepreneur partners in Finland's key cities during the second half of last year, with the aim of expanding its sales network. The partner agreements concluded at the moment currently cover a significant part of the southern Finland: Pirkanmaa, Häme, Central Finland and Kymenlaakso. Trainers House will continue with the development work to identify change management methods that increase measurable results as well as new earnings models. For more information, please contact: Arto Heimonen, CEO, +358 40 412 3456 Saku Keskitalo, Investor Relations, +358 40 411 1111 REVIEW OF OPERATIONS The company has continued the development of a product and service model that provides quantifiable results to customers. An increasing number of customer assignments include the Pulssi (Pulse) change management system. Also other change tools developed by the company have evolved. Other change support tools include, for example, Vaikutuskartta (Impact Map), which is used to clarify a customer company's goals. The change tools are used to identify and agree on operative indicators, as well as to crystallise repeated weekly activities through which the goals are achieved. Regarding Ignis services, sales services such as decision-maker mapping, scheduling decision-maker appointments, market research as well as marketing and sales outsourcing solutions are emphasised. As reported previously, the company actively sought a solution concerning its premises and financial position during the last quarter of the reporting period, because the companys current level of net sales and results do not, in the companys assessment, enable the fulfilment of the companys obligations under its financial agreements. Because the company did not succeed in identifying an overall solution to the situation, the companys Board of Directors decided that the best solution for the company and its stakeholders was for the company to apply for corporate restructuring. The company filed an application for corporate restructuring with Espoo District Court on 12 December 2014. An extraordinary general meeting decided on the continuation of the application for corporate restructuring on 20 January 2015. As part of the recovery programme planned by the company, Trainers House Plc and its subsidiary, Ignis Oy, initiated codetermination negotiations on 12 December 2014. The negotiations were completed on 2 January 2015 and as a result, a total of 11 employment contracts in the Group were terminated. The change projects executed by Trainers House are usually connected with clarifying our customers business strategies, marketing the strategies, and implementing the strategies by boosting sales, enhancing customer service (for example, through service design) and developing the work of leaders and supervisors, along with the skills of subordinates. Managing work capacity through physical and mental coaching plays an important role in an increasing number of customer projects. FINANCIAL PERFORMANCE Net sales development was weaker year-on-year, and the companys operating profit before non-recurring items showed a loss. Net sales from continuing operations in the period under review came to EUR 8.0 million (EUR 10.1 million). Operating profit (EBIT) from continuing operations before non-recurring items was EUR -1.0 million, or -12.8% of net sales (EUR 0.5 million, or 4.9 %). The result for ongoing operations during the period was EUR -6.0 million, or -74.7% of turnover (EUR -4.8 million, or -47.1 %). Result The comparative figures used to report operating profit include the reported operating profit and the operating profit before non-recurring items (EBIT). According to the companys management, these figures provide a more accurate view of the companys productivity. The following table shows the Groups key figures (in thousands of euros unless otherwise noted):

  2014 2013
Net sales 8,003 10,120
Expenses:    
Personnel-related expenses -5,320 -5,500
Other expenses -3,552 -3,913
EBITDA -870 706
Depreciation of non-current assets -153 -207
Operating profit before non-recurring items -1,024 499
Non-recurring items *) -5,102 -4,646
EBIT -6,126 -4,147
% of net sales -76.5 -41.0
Financial income and expenses -268 -1,054
Profit/loss before tax -6,394 -5,201
Tax **) 420 432
Profit/loss for the period for the continuing operations -5,974 -4,769
% of net sales -74.7 -47.1
Divested operations ***) 250  
Profit/loss for the period -5,724 -4,769
% of net sales -71.5 -47.1

*) Non-recurring items in 2014 include a write-down in the Groups goodwill in the amount of EUR 3.0 million, write-down in trademarks EUR 2.1 million and a non-recurring settlement compensation of EUR 0.05 million relating to a former associated company. Non-recurring items in 2013 include a restructuring provision in the amount of EUR 0.1 million and a write-down in the Groups goodwill in the amount of EUR 4.5 million. **) The tax included in the income statement is deferred. Taxes recognised in the income statement have no effect on cash flow. Deferred tax liabilities of EUR 0.4 million allocated to the trademark write-down have been entered through profit or loss. On 31 December 2014, the companys balance sheet included deferred tax assets from losses carried forward in the amount of EUR 0.4 million. The deferred tax assets will expire during the period 2019 to 2023. ***) The dissolution of restructuring provisions of a Dutch subsidiary divested in 2007, which was recognised as income. The following table shows the distribution of net sales from ongoing operations and the quarterly profit/loss from the start of 2013 (in thousands of euros).

  Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414
Net sales 2945 2582 1800 2793 2154 2128 1563 2158
Operating profit before non-recurring items *) 167 56 -153 430 -177 -262 -323 -261
Operating profit 42 -4465 -153 430 -1820 -262 -1379 -2664

BOARD'S PROPOSAL CONCERNING DISTRIBUTABLE ASSETS According to the financial statement as of 31 December 2014, the parent company’s distributable assets amount to EUR -5.1 million. The Board of Directors will propose to the Annual General Meeting that no dividend be paid for 2014. LONG-TERM OBJECTIVES

The companys long-term objective is profitable growth. FINANCING, INVESTMENTS AND SOLVENCY In connection with the merger of Trainers House Oy and Satama Interactive Plc, the company concluded a loan agreement in the amount of EUR 40 million. At the end of the reporting period, the company had outstanding loans related to this agreement, which was renegotiated at the end of 2013, in the amount of EUR 1.7 million. The company issued a new, low-interest subordinated loan of approximately EUR 1.2 million during 2013 and 2014. The interest rate of the subordinated loan is 3.0% until 31 December 2016. The interest is capitalised at the end of each year. From 1 January 2017, a cash interest payment of 5.0% will be payable subject to the availability of the distributable assets. The capital loan will mature on 31 December 2018. At the end of period, EUR 1.0 million of the loan had been subscribed. Hybrid bond On 15 January 2010, Trainers House Plc issued a domestic hybrid bond in the amount of EUR 5.0 million. Interest of EUR 1.0 million related to the hybrid bond was recognised in shareholders equity. According to the terms of the hybrid bond, the company has the right to decide, subject to certain limitations specified in the terms, either to pay the interest on the hybrid bond annually or to postpone these payments. Interest in the amount of EUR 0.5 million was paid to the subscribers on 21 January 2011 and EUR 0.5 million on 20 January 2012. The interest paid reduces the non-restricted equity and is not recognised as income. In accordance with its stock exchange release dated 17 December 2012, Trainers House has decided to defer interest payments on the hybrid loan for the time being. The purpose of the deferment of interest payments is to strengthen the companys financial position and to fulfil the terms of its loan agreement. According to the terms of the hybrid bond, the company must pay the deferred interest and any interest accrued on it if the company pays dividends in excess of the minimum dividend stipulated in the Limited Liability Companies Act, or otherwise distributes equity to its shareholders. In January 2014, the company made an offer to hybrid bond bearers to convert the hybrid bond into a low-interest loan instrument with secondary priority as compared with a senior loan and with the same key terms and conditions as for a subordinated loan. The companys financiers, representing a total of approximately EUR 4.1 million of the hybrid bonds capital, accepted the offer. The company has agreed on an opportunity to convert a maximum of EUR 2.0 million of the capital of these loan instruments to subordinated loans as specified in the Limited Liability Companies Act, if deemed necessary to support the parent companys equity. By the end of the third quarter, the conversion had been executed in full. Cash flow and financing Cash flow from operating activities before financial items totalled EUR -0.2 million (EUR 1.7 million), and after financial items EUR -0.3 million (EUR 1.5 million). Cash from investments totalled EUR -0.0 million during the period under review (EUR 1.3 million). Cash flow from financing came to EUR -0.8 million (EUR -1.7 million). Total cash flow amounted to EUR -1.1 million (EUR 1.1 million). On 31 December 2014, the Groups liquid assets totalled EUR 1.6 million (EUR 2.6 million) The equity ratio was 16.5% (35.4%). Net gearing was 263.1% (87.4%). At the end of the reporting period, the company had interest-bearing liabilities in the amount of EUR 7.1 million (EUR 8.6 million). Financial risks The companys fulfilment of the covenants of its financial instruments requires a successful corporate restructuring process and the improvement of the companys operational profitability. Interest rate risk is managed by covering some of the risk with hedging agreements, as required. A bad-debt provision, which is booked on the basis of ageing and case-specific risk analyses, covers risks to accounts receivable. In financial risk management, liquidity remained the key focus. Due to the decrease in net sales and the excessive costs for premises and financing in relation to the companys current level of net sales, the financing arrangements concluded in 2013 proved inadequate, and the company decided to file an application for corporate restructuring on 12 December 2014. Corporate restructuring is underway at the time of writing this report, and it remains the companys aim to secure sufficient financing to continue the Groups operations. Failure of the restructuring proceedings could lead to the bankruptcy of the company. SHORT-TERM BUSINESS RISKS AND FACTORS OF UNCERTAINTY Risks in the companys operating environment have remained unchanged. On account of the project-based nature of the companys operations, the order life cycle is short, which makes it more difficult to estimate future developments. Long-term visibility remains limited due to the general economic situation. The companys financial situation is critical and taking care of the companys liabilities under financial agreements requires improvement in the profitability of the companys operational business as well as a successful corporate restructuring process. Short-term risks The Groups goodwill, other intangible assets and deferred tax assets as recognised in the balance sheet was re-tested for impairment at the end of the quarter. Based on the results of this impairment testing, the goodwill values were EUR 2.4 million lower than the book value, resulting in a goodwill write-down. An amount of EUR 0.3 million of the write-down is allocated to goodwill and EUR 2.1 million to trademarks. As a result of the write-down, the parent company's equity is negative. As stipulated in the Limited Liability Companies Act, the Board of Directors will make a register notification on the loss of share capital. Parent company's equity and any related measures will be reviewed in accordance with the Companies Act at the Annual General Meeting on 25 March 2015, as well as in the course of the corporate restructuring process. Trainers House Plcs Group balance sheet has EUR 1.7 million of goodwill. The balance sheet value of trademarks is EUR 7.6 million. If the companys profitability should fail to develop as predicted, or if external factors beyond the companys control, such as interest rates, should change significantly, there is a risk that some of the Groups goodwill and other intangible assets may have to be written down. Such a write-down would not affect the companys cash flow. At the end of the period under review, Trainers House Plcs balance sheet included deferred tax assets from losses carried forward in the amount of EUR 0.4 million. The deferred tax assets will expire between 2019 and 2023. The companys new loan agreement, under which there were loans in an amount of EUR 1.7 million at the end of the reporting period, includes standard covenants concerning operating profit before depreciation and cash in hand. If the companys profitability does not improve, the covenants will not be fulfilled. The companys fulfilment of the covenants of its financial instruments requires a corporate restructuring process and an improvement in the companys operational profitability. Risks are discussed in more detail in the annual report and on the companys website: www.trainershouse.fi > Investors. PERSONNEL At the end of 2014, the Group employed 87 (82) people. DECISIONS OF THE EXTRAORDINARY GENERAL MEETING An extraordinary general meeting of Trainers House Plc was held in Espoo on 20 January 2015. The Board of Directors had called an extraordinary general meeting in accordance with the provisions of the Limited Liability Companies Act to discuss the continuation of the corporate restructuring application that was filed by the company on 12 December 2014. In accordance with the proposal of the Board of Directors, the extraordinary general meeting decided that the corporate restructuring application filed by the company was to be continued. DECISIONS OF THE ANNUAL GENERAL MEETING The annual general meeting of Trainers House Plc was held on 26 March 2014 in Espoo. In accordance with the proposal of the Board of Directors, the annual general meeting decided that no dividend be paid for the financial year 2013. In accordance with the proposal of the Board of Directors, the annual general meeting decided that the companys premium fund be decreased by EUR 4,037,620.81 to cover the parent companys losses. On 31 December 2013, before the offsetting of losses, the parent companys premium fund amounted to EUR 4,532,159.97. After the write-off the companys premium fund totals EUR 494,539.16. The annual general meeting adopted the companys financial statements and discharged the CEO and the members of the Board of Directors from liability for the period 1 January to 31 December 2013. It was confirmed that the Board of Directors will consist of five (5) members. Aarne Aktan, Vesa Honkanen, Jarmo Hyökyvaara and Jari Sarasvuo were re-elected as members of the Board of Directors. Marjaana Toiminen was elected as a new member of the Board. In its assembly meeting held after the AGM, the Board of Directors elected Aarne Aktan as the Chairman of the Board. The annual general meeting decided that the members of the Board be entitled to a monthly emolument of EUR 1,500 and the Chairman of the Board be entitled to a monthly emolument of EUR 3,500. Authorised Public Accountants Ernst & Young Oy were elected as the companys auditors. Auditors fees are paid on the basis of a reasonable invoice. It was decided to authorise the Board of Directors to decide on a share issue, on transfer of the companys own shares and on the granting of special rights entitling holders to shares. The number of shares to be granted or transferred on the basis of the authorisation may not exceed 13,000,000. Share issues, transfers of the companys own shares and grants of other special rights entitling holders to shares may take place in deviation of the shareholders pre-emptive subscription rights. This authorisation overrides previous authorisations concerning share issues, transfers of the companys own shares and grants of other special rights entitling holders to shares. The authorisation is valid until 30 June 2017. SHARES AND SHARE CAPITAL The shares of Trainers House Plc are listed on NASDAQ OMX Helsinki Ltd under the symbol TRH1V. At the end of the period reviewed, Trainers House Plc had issued 68,016,704 shares and the companys registered share capital amounted to EUR 880,743.59. No changes took place in the number of shares or share capital during the period under review. Share performance and trading During the period under review, a total of 18.1 million shares, or 26.7% of the average number of all company shares (21.4 million shares or 31.5%), were traded on the Helsinki stock exchange. These shares had a value of EUR 0.8 million (EUR 1.5 million). The periods highest share quotation was EUR 0.08 (EUR 0.11), the lowest was EUR 0.02 (EUR 0.05) and the closing price was EUR 0.02 (EUR 0.07). The weighted average price was EUR 0.04 (EUR 0.07). At the closing price on 31 December 2014, the companys market capitalisation was EUR 1.4 million (EUR 4.8 million). PERSONNEL OPTION PROGRAMMES Trainers House Plc has three option programmes for its personnel, included in the personnels commitment and incentive scheme. The annual general meeting held on 21 March 2012 decided to initiate an employee option programme for key employees in Trainers’ House and its subsidiaries. The number of optionrights granted shall not exceed 5,000,000, and the option rights shall entitle their holders to subscribe for no more than 5,000,000 new shares or treasury shares in total. Of the warrants, 3,000,000 will be entitled 2012A and 2,000,000 will be entitled 2012B. The subscription price for the warrants is EUR 0.16. The subscription period for shares converted under warrant 2012A is from 1 September 2013 to 31 December 2014 andfor shares converted under warrant 2012B from 1 September 2014 to 31 December 2015. The options have not yet been offered. The company’s Board of Directors decided on 5 August 2013 to adopt a new option programme under the authorisation of the annual general meeting on 21 March 2012. The number of optionrights granted shall not exceed 7,500,000, and the option rights shall entitle their holders to subscribe for no more than 7,500,000 new shares or treasury shares in total. 2,500,000 of the converted shares will be under the warrant 2013A and the subscription period for the converted shares is from 1 January 2015 to 1 January 2018. 2,500,000 of the converted shares will be under the warrant 2013B and the subscription period for the converted shares is from 1 January 2016 to 1 January 2018. 2,500,000 of the converted shares will be under the warrant 2013C and the subscription period for the converted shares is from 1 January 2017 to 1 January 2018. The subscription price for each warrant is EUR 0.09. The total number of warrants granted to the personnel is 5.0 million. A total cost of EUR 0.1 million has been expensed for the 2014 financial year for options. The company’s Board of Directors decided on 18 December 2013 to adopt a new option programme under the authorisation of the annual general meeting on 21 March 2012. The number of option rights granted shall not exceed 5,250,000, and the option rights shall entitle their holders to subscribe for no more than 5,250,000 new shares or treasury shares in total. The converted shares will be under the warrant 2013D. The subscription period for shares converted under the warrant is from 1 January 2018 to 31 December 2018, and the subscription price for each warrant is EUR 0.06. The options have not yet been offered. CONDENSED FINANCIAL STATEMENTS AND NOTES This report was compiled in accordance with the IAS 34 standard. This interim report has been prepared in accordance with the IFRS standards and interpretations adopted in the EU, valid on 31 December 2014. In producing this financial statements bulletin, Trainers House has applied the same accounting principles for key figures as in its financial statements for 2013. The calculation of key figures is described on page 92 of the financial statements included in the Annual Report 2013. The figures given in the financial statements bulletin are audited. INCOME STATEMENT, IFRS (kEUR)

  Group 01/10- 31/12/14 Group 01/10- 31/12/13 Group 01/01- 31/12/14 Group 01/01- 31/12/13
CONTINUING OPERATIONS        
NET SALES 2,158 2,793 8,003 10,120
Other income from operations 181 239 648 785
Costs:        
Materials and services -206 -289 -691 -1,032
Personnel-related expenses -1,460 -1,387 -5,320 -5,615
Depreciation -37 -46 -153 -207
Impairment -2,353   -5,052 -4,521
Other operating expenses -948 -881 -3,560 -3,676
Operating profit/loss -2,664 430 -6,126 -4,147
Financial income and expenses -77 -78 -268 -1,054
Profit/loss before tax -2,741 352 -6,394 -5,201
Tax *) 419 431 420 432
PROFIT/LOSS FOR THE PERIOD CONTINUING OPERATIONS -2,322 784 -5,974 -4,769
Discontinued operations 250   250  
TOTAL COMPREHENSIVE INCOME FOR THE YEAR -2,072 784 -5,724 -4,769
Profit/loss attributable to:        
Owners of the parent company -2,072 784 -5,724 -4,769
Total comprehensive income attributable to:        
Owners of the parent company -2,072 784 -5,724 -4,769
Earnings per share, undiluted:        
EPS result for the period from continuing operations -0.03 0.01 -0.09 -0.07
EPS result for the period from discontinued operations 0.00   0.00  
EPS attributable to equity holders of the parent company -0.03 0.01 -0.08 -0.07
EPS result for the period -0.03 0.01 -0.08 -0.07

Diluted earnings per share are the same as undiluted earning per share. *) The tax included in the income statement is deferred. BALANCE SHEET IFRS (kEUR)

  Group 31/12/14 Group 31/12/13
ASSET    
Non-current assets    
Property, plant and equipment 137 236
Goodwill 1,653 4,614
Other intangible assets 7,561 9,669
Other financial assets 4 4
Other receivables 12 42
Deferred tax receivables 382 380
Total non-current assets 9,749 14,946
     
Current assets    
Inventories 10 10
Accounts receivables and other receivables 1,455 1,791
Cash and cash equivalents 1,578 2,630
Total current assets 3,043 4,432
     
TOTAL ASSETS 12,792 19,377
     
SHAREHOLDERS’ EQUITY AND LIABILITIES    
Equity attributable to equity holders of the parent company    
Share capital 881 881
Premium fund 216 4,253
Distributable non-restricted equity fund 31,872 31,872
Other equity fund 900  
Retained earnings -31,780 -30,215
Total shareholders’ equity 2,088 6,791
     
Long-term liabilities    
Deferred tax liabilities 1,511 1,929
Other long-term liabilities 6,044 7,455
     
Accounts payable and other liabilities 3,150 3,202
     
Total liabilities 10,704 12,586
     
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 12,792 19,377

CASH FLOW STATEMENT, IFRS (kEUR)

  Group 01/01- 31/12/14 Group 01/01- 31/12/13
Profit/loss for the period -5,724 -4,769
Adjustments to profit/loss for the period 5,176 5,372
Change in working capital 363 1,142
Financial items -96 -218
Cash flow from operations -281 1,527
     
Investments in tangible and intangible assets -37 -19
Divestment of business   472
Repayment of loan receivables 30 30
Sales from available-for-sale financial assets   770
Cash flow from investments -6 1,253
     
Withdrawal of long-term loans 347 700
Repayment of long-term loans -1,000 -2,225
Repayment of finance lease liabilities -111 -145
Cash flow from financing -765 -1,670
     
Change in cash and cash equivalents -1,052 1,110
Opening balance of cash and cash equivalents 2,630 1,520
Closing balance of cash and cash equivalents 1,578 2,630

CHANGE IN SHAREHOLDERS’ EQUITY (kEUR) Equity attributable to equity holders of the parent company A. Share capital B. Premium fund C. Distributable non-restricted equity D. Other equity fund E. Retained earnings F. Total   

  A. B. C. D. E. F.  
Equity 01/01/2013 881 5,077 31,872 4,962 -26,397 16,394  
Re- measurement of deferred tax change in tax rate         145 145  
Adjusted equity 01/01/2013 881 5,077 31,872 4,962 -26,253 16,539  
Other comprehensive income         -4,769 -4,769  
Decrease of share premium fund to cover losses   -823     823 0  
Sharebased payments         21 21  
Hybrid bond recognised under non- current liabilities       -4,962 -38 -5,000  
Equity 31/12/2013 881 4,253 31,872 0 -30 215 6,791  
               
Equity 01/01/2014 881 4,253 31,872 0 -30,215 6,791  
Other comprehensive income         -5,724 -5,724  
Decrease of share premium fund to cover losses   -4,038     4,038 0  
Sharebased payments         121 121  
Hybrid bond transferred from non- current liabilities       900   900  
Equity 31/12/2014 881 216 31,872 900 -31,780 2,088  
RESTRUCTURING PROVISION (kEUR)   Group 01/01- 31/12/14 Group 01/01- 31/12/13  
Provisions 1 January 222 240  
Provisions increased   125  
Provisions used -21 -143  
Provisions 31 December 200 222  
PERSONNEL   Group 01/01- 31/12/14 Group 01/01- 31/12/13  
Average number of personnel 88 93  
Personnel at the end of the period 87 82  
COMMITMENTS AND CONTINGENT LIABILITIES (kEUR)   Group 31/12/14 Group 31/12/13  
Collaterals and contingent liabilities given for own commitments 7,805 9,213  
                     
OTHER KEY FIGURES   Group 31/12/14 Group 31/12/13
     
Equity-to-assets ratio (%) 16.5 35.4
Net gearing (%) 263.1 87.4
Shareholders’ equity/share (EUR) 0.03 0.10
Return on equity (%) -134.6 -41.1
Return on investment (%) -49.9 -22.1

   Espoo, 3 March 2015 TRAINERS HOUSE PLC BOARD OF DIRECTORS For more information, please contact: Arto Heimonen, CEO, tel. +358 40 412 3456 Saku Keskitalo, Investor Relations, tel. +358 40 411 1111 DISTRIBUTION OMX Nordic Exchange, Helsinki Main media www.trainershouse.fi > Investors   

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The Sky's Not the Limit—It's Just the Beginning Step aside, conventional paths. There's a flight school owner in Sedona, Arizona, making waves by encouraging girls to swap their land-bound dreams for sky-high aspirations. This International Girls in Aviation Day, Michelle Smith wants young dreamers to know their possibilities span as wide as the open sky. Defying...

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Shanghai's Arts Carnival Fuses Tech and Culture

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Shanghai Heralds New Era in Arts with Carnival Coming in hot, Shanghai's ready to shake up the city's cultural scene with the 2026 International Audio-Visual Arts Carnival. It's happening in Jing'an District from September 24 to October 18, promising an experience that fuses travel, technology, and art. Just about anyone can catch a break from their daily grind and dive...

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Chery Auto's Bold Green Tech Showcase at 2026 Summit

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Chery Auto Puts Eco Tech at Front and Center You know, Chery Auto isn't just manufacturing cars anymore—it's shaping an entire lifestyle. For the uninitiated, they’re calling in everyone worth knowing to their headquarters in Wuhu, China, come October 18 through 24. The 2026 Chery International User Summit is kind of a big deal this year with nearly 20 new green...

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Calavera NY Website Revamp: Gemstone Expansion Hits

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Calavera New York's Bold Online Makeover When a jewelry brand that's all about slashing retail markups makes a move this big, it's worth a real close-up look. Calavera New York, a name buzzing in the diamond and gemstone scene, just dropped a redesigned website that’s turning more than a few heads. They’re known for cutting out the middleman, a strategy that already...

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Hainan Airlines' Dedication Keeps It atop Skytrax

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Fifteen years of soaring high: now that's something worth taking to the bank—or the air. Hainan Airlines has just bagged the SKYTRAX Five-Star Airline rating once again, handed out at this year's World Airline Awards ceremony. When it comes to delivering quality, they're flying high on the charts, landing among the World's Best Airlines Top 10. And in the wild world of...

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Mental Health Day Celebrations Set for October in NYC

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Mental Health Steals the October Spotlight In the bustling streets of New York City, October is about to get a mental health makeover. Project Healthy Minds is putting the pedal to the metal with their fourth annual World Mental Health Day Gala on October 8th, followed by the world’s largest mental health festival on October 10th. These events, held at Spring Studios,...

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Kobold Press Explores Roleplaying as Literacy Tool

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Gaming Illuminates Pathways to Literacy and Community Trust me, when an indie game publisher like Kobold Press makes waves, it's worth paying attention. They've carved a niche in the roleplaying world by marrying traditional game elements with valuable educational tools. The thrill of the game goes beyond rolling dice; it's a ticket to improving literacy, arithmetic, and...

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California Accelerates AI Law with Newsom's Bold Move

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Pushing AI Regulations into High Gear I'll tell you what—it's about time somebody shook things up in the AI world with more than empty promises. Governor Newsom's executive order is doing just that, fast-tracking the timeline for implementing California's SB 813. This move is like giving speed boots to the legislative process, revving up the rules to ensure AI doesn't...

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GenAI Boosts Grades and Tech Savvy for Online Learners

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What's Really Driving GenAI Use in Online Education? Let's not beat around the bush—most folks think students turn to this newfangled generative AI mainly to smooth over academic hurdles or save time. But guess what? The University of Phoenix has gone and poked some holes in that assumption. Study Highlights Key Insights This solid piece of research from the...

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SKF Welcomes Susanne Larsson as New CFO of the Group

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SKF Announces Major Changes in Group Management SKF has made an important announcement about its leadership team, appointing Susanne Larsson as the new Senior Vice President and Chief Financial Officer. This strategic move aims to strengthen the company's financial oversight and guide its strategic direction during an exciting period of transformation. Introducing Susanne...

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WPP plc Shareholders: Join the Fight for Justice Now!

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Introduction In a notable turn of events concerning shareholders of WPP plc, it's pivotal for investors who have incurred losses to take action. A legal avenue has opened up, which could enable these investors to seek compensation for their financial setbacks. Understanding the Current Situation The turbulence faced by WPP plc (NYSE: WPP) during the recent period has...

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AllianceBernstein Global High Income Fund Posts Strong Q2 Results

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AllianceBernstein Global High Income Fund's Earnings Report AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF), a prominent closed-end investment company, has publicly announced its earnings for the second quarter, revealing substantial performance metrics that signal positive trends for investors. Total Net Assets Breakdown As of the end of the quarter, the Fund...

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Starboard Value's Jeffrey Smith Calls for Pfizer Accountability

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Importance of Accountability in Pharmaceutical Management In a recent address, Jeffrey Smith, the chief investment officer of the activist hedge fund Starboard Value, stressed the critical need for accountability within Pfizer's board. He expressed concerns regarding the performance metrics of one of the world's leading drug manufacturers, Pfizer Inc (NYSE: PFE)....

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Unlocking High-Yield Opportunities: Top BDCs to Consider

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The Resilient Nature of Business Development Companies In a volatile market, business development companies (BDCs) have been facing challenges. However, there’s a compelling portfolio worth discussing that boasts a yield of 13.5%. This portfolio is anticipated to rebound as the market regains stability. While BDCs lend money to small businesses, they have recently taken...

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